[Last updated: 1 January 2025, unless otherwise noted]

In Colombia, minority shareholders cannot be compelled to sell their shares. Minority shareholders owning at least 1% of the shares of a listed company may request that an OPA be carried out by the owner of more than 90% of the shares of the relevant listed company, if this threshold was reached by means other than a tender offer for all the shares in the company. In this case, the OPA would have to be launched within the three months following the date on which the 90% threshold was exceeded.